In a survey conducted by Indexcreditcards.com on the Foreign Transaction Fees (FTF) for top credit cards providers, Capital One Credit Cards came out on top. The results also showed that there was a wide variance in the transaction fees of these major credit card providers.
Consumers who plan to travel outside of the United States choose to take their most trusted credit cards along with them since they receive a lot of benefits including travel assistance, fraud protection and security because carrying a card is a lot safer than carrying cash. The benefits that they receive come at a price though since the foreign transaction fees on most credit cards can really make a dent in their travel budget.
Most consumers who have fully read the terms and conditions of their credit card program are fully aware of what foreign transaction fees are and seek to avoid them especially if they plan to travel a lot outside of the United States. The survey reveals that most credit card providers charge this fee, all except Capital One. Why a fee In the past the fee had been called a foreign currency fee because it was used to cover the cost of converting foreign currency to U.S. dollars. More recently the fee is just charged for transactions that involve a foreign bank even when US dollars are involved.
One major point that consumers should take note of is that the foreign transaction fee is charged even if they never leave the country as purchases made through foreign companies will also result in a foreign transaction.
To avoid this charge when traveling abroad consumers can make the switch to any of Capital One’s credit cards. This way they will completely avoid any foreign transaction fees, even the 1% charged by Visa and MasterCard because Capital One has gone the extra mile to even absorb this 1% for its cardholders. An added benefit of Capital One credit cards is that they charge little to no annual fees and the interest rates are industry standard rates.
Indexcreditcards.com is not the only one singing the praises of Capital One credit cards. CSI monitor (csmonitor.com) has given three out of five cards to Capital One for the best picks for world travel. The three cards that made the list include Capital One Secured MasterCard for those with poor credit which requires a low $49 deposit. Capital One Venture Rewards Card which is the ultimate card for those who would like to earn rewards even while they travel. The card offers the best incentive in the industry where cardholders can earn double miles for every dollar spent and the ability to convert the miles to cash value for travel related purchases. The $59 annual fee on this card is negligible since program members receive 250, 000 or $250 in travel when they charge $1000 in the first three months. The top spot was given to Capital One’s Prestige credit card which features no-hassle perks and no annual fee and on top of that cardholders pay no interest until September 2012.
Sherry Garcia, a representative at Airline Miles Credit Cards (airlinemilescreditcards.net) chimes in, “There is a reason we have always promoted Capital One’s cards, they provide value and are the most effective cards for consumers all round. There no annual fees and the no interest promotions make them an ideal choice for consumers who are not thrilled about all the credit card fees of other programs. Aside from that Capital One is the only major credit card provider who has waived foreign transaction fees on all their cards. Now that’s value.
To find out about the best airline credit cards including those from Capital One visit airlinemilescreditcards.net
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